Does Apple Pay charge a fee to transfer money (send money)? (2024)

FAQs

Does Apple Pay charge a fee to transfer money? ›

You can transfer up to $10,000 to your debit card or bank account in a single transfer. Within a 7-day period, you can transfer up to $20,000 to your debit card or bank account. For Instant Transfer, a 1.5 percent fee (with a minimum fee of $0.25 and a maximum fee of $15) is deducted from the amount of each transfer.

Cons of Apple Pay

Apple Pay is not accepted at all retailers and not compatible with all banks or card issuers. Backup may be required, just in case. Apple Pay only works if your phone does. You may still need to carry a physical credit card as a backup in case your battery dies or you misplace your phone.

With Apple Pay, you can make payments for any amount, but some retailers limit the spend to £100.

You can only transfer your money to a bank account in the United States. There are no fees to transfer your money from Apple Cash to your bank account, unless you use an Instant Transfer. Learn about account limits and person to person payment limits.

The 30% Apple transaction fee typically applies to digital goods and services purchased through an app. However, for physical goods like those offered by Park Mobile, this fee may not be applicable as it falls outside the scope of digital transactions.

Apple Pay uses security features built-in to the hardware and software of your device to help protect your transactions. In addition, to use Apple Pay, you must have a passcode set on your device and, optionally, Face ID or Touch ID. Apple Pay is also designed to protect your personal information.

No. Apple does not charge any fees when you pay with Apple Pay — in stores, online, or in apps.

Secured Connection. Since you don't need a physical debit/credit card, there's a reduced risk of someone stealing your card(s) or their information. In fact, Apple Pay doesn't use your card number to make a purchase; rather, it uses a token called a “device account number” to complete the transaction.

Apple Pay provides security

So even if your phone is stolen, no one else can use your Apple Pay to buy something. On the other hand, a thief could easily use your stolen credit card at a store that doesn't match IDs and cards.

What is the max amount of money you can send through Apple Pay? ›

You can have a maximum of $20,000USD in Apple Cash, and you can send a maximum of $10,000USD per message and a maximum of $10,000USD every 7 days.

The money you receive appears on your Apple Cash card in Wallet. You can spend it however you like in stores, online, and in apps with Apple Pay. Apple Pay enables you to make secure, contactless purchases using Apple Cash, Apple Card, and any other credit and debit cards that you add to Wallet.

There are no fees for sending, requesting, and receiving money through Apple Cash using Apple Pay. Your credit cards will not be impacted by setting up Apple Cash, nor will you receive any extra credit card fees when transferring money through the regular Apple Pay and Apple Cash.

Since Apple Pay doesn't store your credit or debit card number on the device, you never reveal your name, card number or security code to merchants.

There is no additional fee from Apple for Apple Pay transactions.

Apple does not charge any fees when you use Apple Pay — in shops, online or in apps.

Does Apple Pay charge fees? There are no extra costs for a business to accept Apple Pay, just the usual fees for processing credit card payments. So, your business will be subject to a fee from your credit card processor or facilitator for each Apple Pay transaction, similar to regular credit card transactions.

You can send money without a fee by using P2P payment apps such as Cash App, Google Pay, PayPal, Venmo and Zelle. Note that you may have to pay a fee if you fund your transfer with a credit card, and the recipient may have to pay a fee if they choose to receive the money instantly in their bank account or debit card.